JPMorgan's latest report suggests that if Coinbase launches a Base network token, its potential valuation could reach up to $34 billion. This move would provide a new monetization path for Coinbase, alongside its existing USDC earnings and on-chain transactions. The report estimates Base's market cap to range between $12 billion and $34 billion, based on current network activity and high token economic parameters. Coinbase is expected to retain about 40% of the token supply, translating to an equity value of approximately $4 billion to $12 billion. Additionally, Coinbase currently earns around $400 million annually from interest on Circle's USDC reserves.